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September 2017 Hollywood Rent Report

Welcome to the September 2017 Hollywood Rent Report. Hollywood rents declined over the past month. In this report, we'll evaluate trends in the Hollywood rental market, including comparisons to cities throughout the metro, state, and nation.

Hollywood rents declined slightly over the past month

Hollywood rents have declined 0.3% over the past month, but have increased 0.5% in comparison to the same time last year. Currently, median rents in Hollywood stand at $1,100 for a one-bedroom apartment and $1,390 for a two-bedroom. Hollywood's year-over-year rent growth lags the state average of 3.6%, as well as the national average of 3.0%.

Rents rising across the Miami Metro

Throughout the past year, rent increases have been occurring not just in the city of Hollywood, but across the entire metro. Of the largest 10 cities that we have data for in the Miami metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,300; the city has also seen rents fall by 7.4% over the past year, the biggest drop in the metro.

Deerfield Beach has seen the fastest rent growth in the metro, with a year-over-year increase of 3.6%. The median two-bedroom there costs $1,500, while one-bedrooms go for $1,180.

Pembroke Pines has the most expensive rents of the largest cities in the Miami metro, with a two-bedroom median of $2,390; rents decreased 0.3% over the past month but were up 3.0% over the past year.

Many large cities nationwide show more affordable rents compared to Hollywood

Rent growth in Hollywood has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Compared to most large cities across the country, Hollywood is less affordable for renters.

Other cities across the state have seen rents increase, with Florida as a whole logging rent growth of 3.6% over the past year. For example, rents have grown by 4.5% in Jacksonville.

Hollywood's median two-bedroom rent of $1,390 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 0.5% rise in Hollywood.

While rents in Hollywood remained moderately stable this year, similar cities saw increases, including Tampa (+5.6%), Seattle (+5.4%), and Los Angeles (+5.0%); note that median 2BR rents in these cities go for $1,220, $1,710, and $1,740 respectively.

Renters will generally find more expensive prices in Hollywood than most large cities. For example, Memphis has a median 2BR rent of $830, where Hollywood is more than one-and-a-half times that price.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Miami

$1,060

$1,350

0.1%

-0.4%

Fort Lauderdale

$1,140

$1,440

0.8%

2.2%

Pembroke Pines

$1,880

$2,390

-0.3%

3.0%

Hollywood

$1,100

$1,390

-0.3%

0.5%

West Palm Beach

$1,050

$1,330

0.2%

3.0%

Pompano Beach

$1,140

$1,440

0.1%

2.6%

Miami Beach

$1,020

$1,300

-0.6%

-7.4%

Boca Raton

$1,410

$1,790

-0.2%

0.6%

Deerfield Beach

$1,180

$1,500

0.2%

3.6%

Boynton Beach

$1,290

$1,640

-0.0%

3.2%

Delray Beach

$1,150

$1,460

-0.7%

0.9%

Wellington

$1,490

$1,890

0.8%

3.8%

Jupiter

$1,250

$1,570

-1.0%

3.5%

Palm Beach Gardens

$1,370

$1,730

-0.3%

3.4%

Lake Worth

$1,040

$1,320

1.1%

3.6%

See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.